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How to get out of my car loan by mrbeef
Started on: 04-13-2011 08:37 PM
Replies: 20
Last post by: rogergarrison on 04-15-2011 08:25 PM
mrbeef
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Report this Post04-13-2011 08:37 PM Click Here to See the Profile for mrbeefClick Here to Email mrbeefSend a Private Message to mrbeefDirect Link to This Post
Hi every one i have a 2006 Cobalt ss supercharged i have owned it over 1.5 yrs i recently moved to a remote duty station ( Sugar grove WV). I really don't need it nor want it any more... I owe some thing like 14K its worth maybe 9K is their any way i can get rid of this car?? I really want a 4wd suv i have a family now i didn't when i got the car. Any ideas guys i am paying 380 a month on it and Since the cobalt is a Highly wrecked car from teens the insurance is higher..
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mrfiero
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Report this Post04-13-2011 08:46 PM Click Here to See the Profile for mrfieroClick Here to Email mrfieroSend a Private Message to mrfieroDirect Link to This Post
There really is no way to get out from under the loan and being that far upside down on it means you have little or no options. You could just keep it and pay it off as you are currently doing or you can trade it in on something else and roll the negative equity into the new loan (not all dealerships will do this).


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Formula88
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Report this Post04-13-2011 08:47 PM Click Here to See the Profile for Formula88Send a Private Message to Formula88Direct Link to This Post
You only have two real options.
1. Sell the car for what you can get and pay off the difference. (either in cash or take out a personal loan for the difference)
2. Buy another vehicle from a dealer that will allow you to roll the negative equity into your new car loan. So, you buy a $20k SUV, you give them the Cobalt and you get a car loan for $25k, less whatever you pay down.

The first two years are the worst for depreciation. This is probably the worst possible time to sell it based on resale value.
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mrbeef
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Report this Post04-13-2011 08:51 PM Click Here to See the Profile for mrbeefClick Here to Email mrbeefSend a Private Message to mrbeefDirect Link to This Post
yea.... it sucks it just realy lost its fun factor when i moved here no cars to play with.... oh well... hopefully a deer will step out in front of me and kill my car.... Just not me....
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ls3mach
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Report this Post04-13-2011 10:36 PM Click Here to See the Profile for ls3machSend a Private Message to ls3machDirect Link to This Post
 
quote
Originally posted by mrbeef:

yea.... it sucks it just realy lost its fun factor when i moved here no cars to play with.... oh well... hopefully a deer will step out in front of me and kill my car.... Just not me....


Without GAP insurance you still owe the debt. Man up and pay the difference. Hopefully you know better next time. Alternatively go finance a new car, roll in the bad debt and show everyone you learned nothing.

------------------
I been had money.

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fastblack
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Report this Post04-13-2011 10:52 PM Click Here to See the Profile for fastblackSend a Private Message to fastblackDirect Link to This Post
Shop around a LOT. Find something that is priced way under book, then trade in the Cobalt for it. Even if it's something you don't really like, just try to get closer and closer to owing what the vehicle you own is worth. Look for trucks and SUV's since they tend to hold their value better. Hopefully you can get close enough to sell the vehicle and be sittin' pretty.

Other than that...keep paying I guess.
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Doug85GT
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Report this Post04-13-2011 11:07 PM Click Here to See the Profile for Doug85GTSend a Private Message to Doug85GTDirect Link to This Post
You can take the car back to the bank/dealership but you will take a credit hit for it but at least it is not as bad as a repo.

Another option is to try to sucker someone into "taking over the payments" for you. They would take the car and assume the remainder of the loan. You can find ads in the paper regularly for "someone to take over payments".

If you trade it in, you will just transfer what you still owe to the new car.

BTW, if you don't have the title for the car, you can't sell it since you don't really own it. Whoever has the title is the real owner until you pay off the loan.
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JazzMan
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Report this Post04-14-2011 11:01 AM Click Here to See the Profile for JazzManClick Here to Email JazzManSend a Private Message to JazzManDirect Link to This Post
Main problem with getting someone else to take over payments is that the original owner will still be liable for the loan. Most lenders won't allow liability to be transferred, instead will insist on a new loan for the buyer. Internet is full of horror stories about what happens when someone takes over a note...
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8Ball
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Report this Post04-14-2011 11:22 AM Click Here to See the Profile for 8BallClick Here to Email 8BallSend a Private Message to 8BallDirect Link to This Post
Not saying it is legal or even morally right... But two of my neighbors have had their cars stolen in the last couple of months.

Odd thing is, I live in a "safe" neighborhood, in that MOST criminals are bright enough not to come here. Just about every other house is a cop. Both neighbors were getting behind on payments and no longer really feeling it, for their cars. Both got stolen from our private community. And in both cases, after a few weeks, Ins..... State Farm, Paid them off.

I know my State Farm coverage also covers me fully against theft, vandalism and fire. Not that I would suggest such an action... as getting caught would put you in a world of hurt... But my neighbors have.
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Doni Hagan
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Report this Post04-14-2011 12:56 PM Click Here to See the Profile for Doni HaganSend a Private Message to Doni HaganDirect Link to This Post
It's amazing what damage a loose fuel line fitting located near, say, an exhaust manifold or some faulty wiring, can do to a perfectly good car.....especially when you happen to leave it running to warm up the engine or something.

Of course, far be it from me to suggest such a thing.
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86GT3.4DOHC
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Report this Post04-14-2011 01:00 PM Click Here to See the Profile for 86GT3.4DOHCSend a Private Message to 86GT3.4DOHCDirect Link to This Post
The very wording of the topic is quite disgusting.

No, Obama is not going to bail you out of your car loan because you made a bad purchasing decision, nor should your bank or your insurance company have to take take the hit, not to mention without gap coverage it wouldnt matter, you would still owe anything above the total value of the car.

Im really hoping that was just a poor choice of words.
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Report this Post04-14-2011 01:03 PM Click Here to See the Profile for ZebSend a Private Message to ZebDirect Link to This Post
Here in New Jersey, it's easy to get rid of a car, as mentioned by others. But getting rid of the debt is another matter. You probably will get book value for the car, and be stuck with the balance of the loan. Worst possible outcome.

No, wait. You could get arrested for auto theft, destruction of property, and insurance fraud. That would be worse.
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Nurb432
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Report this Post04-14-2011 01:07 PM Click Here to See the Profile for Nurb432Send a Private Message to Nurb432Direct Link to This Post
 
quote
Originally posted by Doug85GT:

You can take the car back to the bank/dealership but you will take a credit hit for it but at least it is not as bad as a repo.

Another option is to try to sucker someone into "taking over the payments" for you. They would take the car and assume the remainder of the loan. You can find ads in the paper regularly for "someone to take over payments".

If you trade it in, you will just transfer what you still owe to the new car.

BTW, if you don't have the title for the car, you can't sell it since you don't really own it. Whoever has the title is the real owner until you pay off the loan.


People taking over payments are not always suckers, but if you are that upside down, it will be hard.

Best bet is to try to trade down and absorb the difference in the new loan if you can. Giving it back to the bank and taking a hit on the difference will kill your credit rating.
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Nurb432
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Report this Post04-14-2011 01:13 PM Click Here to See the Profile for Nurb432Send a Private Message to Nurb432Direct Link to This Post
 
quote
Originally posted by 86GT3.4DOHC:

The very wording of the topic is quite disgusting.

No, Obama is not going to bail you out of your car loan because you made a bad purchasing decision, nor should your bank or your insurance company have to take take the hit, not to mention without gap coverage it wouldnt matter, you would still owe anything above the total value of the car.

Im really hoping that was just a poor choice of words.


I didn't get anything about him tryign to screw anyone else from the title or post, just wants rid of the car and the note.
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TXGOOD
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Report this Post04-14-2011 02:19 PM Click Here to See the Profile for TXGOODClick Here to visit TXGOOD's HomePageSend a Private Message to TXGOODDirect Link to This Post
Once you get into negative equity it`s hard to get out.
My truck, after paying for 3 years, is just getting to be worth what I owe on it.
You might be able to get a new car with enough of a rebate or incentive to at least absorb a lot of the negative equity.
It`s still probably best to try to sell the car and get a loan for the difference, except when you buy another car, if you spent
most of the extra money you have to get the negative equity down, and you put nothing down on a new car, you may lose as soon as you drive it off of the lot.
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rogergarrison
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Report this Post04-14-2011 04:21 PM Click Here to See the Profile for rogergarrisonClick Here to Email rogergarrisonSend a Private Message to rogergarrisonDirect Link to This Post
Ill also agree that finding someone just to take over the loan would be a good deal, IF you can get someone. Make sure you do all the proper paperwork or YOU can still get stung. Unless yours is exceptional in some way, it will be hard to get someone to take over payments for more than its worth though. I know a girl who got a Saab on a 4 year lease. She hated it after 6 months and couldnt get rid of it. She bought a BMW and let the Sabb sit in her garage till the rest of the lease ran out. She got a lot of her money back because she only put like 5,000 miles on it in the 4 years lease.
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82-T/A [At Work]
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Report this Post04-14-2011 04:46 PM Click Here to See the Profile for 82-T/A [At Work]Send a Private Message to 82-T/A [At Work]Direct Link to This Post
 
quote
Originally posted by mrbeef:

Hi every one i have a 2006 Cobalt ss supercharged i have owned it over 1.5 yrs i recently moved to a remote duty station ( Sugar grove WV). I really don't need it nor want it any more... I owe some thing like 14K its worth maybe 9K is their any way i can get rid of this car?? I really want a 4wd suv i have a family now i didn't when i got the car. Any ideas guys i am paying 380 a month on it and Since the cobalt is a Highly wrecked car from teens the insurance is higher..



That's pretty far up-side-down. You have negative equity in it, unfortunately...


You don't really have any other option, other than to keep it and continue to make payments on it.


When I had my 2006 Pontiac Solstice, I bought it new. I owed about 6 grand on it, but it was worth 13k, so I was able to trade it in on a good quality used car, and drive away with no payments. But in this case, you don't have any equity. Sucks... but as long as you're able to make the payments right now, you should just keep it and use it.


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mrbeef
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Report this Post04-14-2011 08:07 PM Click Here to See the Profile for mrbeefClick Here to Email mrbeefSend a Private Message to mrbeefDirect Link to This Post
i have gap.. and the car was a great deal... but the Deprecation value is crap for cobalt's.... due to it begin a Chevy and due to the cruze... i was just asking for advice thats it.. dont have to be a A$$ hole about it...

[This message has been edited by mrbeef (edited 04-14-2011).]

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TommyRocker
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Report this Post04-14-2011 08:44 PM Click Here to See the Profile for TommyRockerClick Here to Email TommyRockerSend a Private Message to TommyRockerDirect Link to This Post
Put the drivetrain and so on in your Fiero and part the rest out, then consider the monthly payment a fee for having a bad-ass Fiero.
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Report this Post04-14-2011 10:43 PM Click Here to See the Profile for TyteheadClick Here to Email TyteheadSend a Private Message to TyteheadDirect Link to This Post
mrbeef, there was no problem at all with your question, as it is a fair question and you did not suggest you wanted to anything illegal or unfair. I am somewhat surprised that a number of people suggested you commit a felony to get out of the car loan. I will assume they were all tongue and cheek suggestions. If anyone was serious about you committing insurance fraud or arson, then that truly is bad advice. On another note, it is difficult to get out of a note you are upside down in, especially that far. Other than rolling over the note into a new note, you may want to cut your losses by selling the car outright and paying off the balance of the loan. Sorry to hear of your trouble and somewhat disappointed in some of the responses......
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rogergarrison
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Report this Post04-15-2011 08:25 PM Click Here to See the Profile for rogergarrisonClick Here to Email rogergarrisonSend a Private Message to rogergarrisonDirect Link to This Post
You can always declare Chap 7 bankruptcy and just hand them back the keys and car.....
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